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reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps heading back into recession? >> yes, there is little doubt in washington about the seriousness of the sick jubilation. the problem is withdrawing government demand from the economy too big spending programs, cuts with a smothering effect on the tax hikes will have been very damaging effect on the was economy and by extension the world economy. people know it is serious, but the politics, we know that the house and senate republicans do not want to increase taxes on anybody, so it is very difficult to see how a package can get through congress, certainly in time for the new year. one guess is that they could that t
of the day in a crisis and if barack obama-- who's the only man that can stop a massive tax increase on january 1-- wants to do that, there's nothing house republicans can do to stop it. >> warner: with but explain why they were -- i mean, was it just that any deal that raised taxes period -- no compromise was worth that. >> it's hard to compromise when there's not two sets of ideas on the table. the senate democrats have never passed a budget resolution so how do you split the difference? what we'd like the see, the only rational solution at this end of the game is do extend the current rates for another year like was done in 2010 and let's go through regular order. let's actually write a tax bill out of the ways and means committee. let's have the senate democrats debate that. let's go through the normal budget process, pass a budget resolution by april 15 because the only way you'll get to the real issues which are tax reform and real entitlement reform, that has to be done through regular order. it's not going to be done in a back room at the end of this year. >> warner: that's w
and higher taxes and spending cuts will automatically take effect. president obama has cut short his holiday to revive the talks. >> if we go over this cliff, the house of representative with four days left are not here with the speaker having told him that he will have 458 hours' notice. i cannot imagine their conscience out there wherever they are around the country and we are trying to get something done. >> why is the american economy teetering on the edge of the cliffs? these are some of the things that president obama is trying to prevent with the return to the lighthouse. an employment has fallen to a four year low and currently stands at 7.7%. no deal could mean 2.1 million jobs disappearing parent to it would equate to a contraction of 1.5% in the value of all goods and services america producers meaning less money to afraid with the rest of the world. as far as the republicans concerned, there is that we will not give you a blank check. >> mitch mcconnell, the republican leader in the senate, said that he thought there was still time to avert what he called a budgetary fiscal crisi
, president obama emerged in a campaign style setting. >> today it appears that an agreement to prevent this new year's tax hike is within sight. but it's to the done. there are still issues left to resolve. but we're hopeful that congress can get it done. but it's not done. >> it was widely reported that the deal would include making the bush era tax cuts permanent for families with incomes under $450,000 a year. for households making more than that amount, rates would rise from the current 35% to 39.6%. the agreement would also raise the estate tax. in addition, unemployment benefits would be extended for one year. otherwise some 2 million americans face the end of their benefits beginning in january. on the senate floor shortly before midafternoon, minority leader mcconnell confirmed that the stalemate on taxes appeared to be over. >> i can report that we've reached an agreement on all of the tax, the tax issues. we are very, very close. as the president just said, the most important piece, the piece that has to be done now is preventing the tax hikes. >> reporter: there was no a gre
before the fiscal cliff hits on new year's day and with it, more than $600 million in tax hikes and spending cuts. in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday. it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began, several pa
. >> reporter: the ports impacted generate an estimated $11 billion in state and local taxes annually. but losses from any strike will be felt far beyond the coast, with industries as diverse as agriculture, manufacturing and retail taking a hit. that's got the national retail federation urging president obama to intervene: >> the ports are a critical component to the u.s. global supply chain and a potential strike or shutdown to the ports not only impacts retailers but all other businesses who rely on the ports to move the nation's commerce. >> reporter: the sticking point in negotiations: a decades old law, called the container royalty fund. it was established in the 1960s to help dockworkers displaced by technology, the port alliance says these days those royalties serve as a bonus to workers, not a safety net. but the union disagrees saying the payments still help compensate workers for lost job opportunities. florida is home to almost a third of the ports that would be affected by the potential strike, governor rick scott says he's still thinks a deal will be reached, but if it d
Search Results 0 to 8 of about 9 (some duplicates have been removed)